EC070
These businesses buy and sell goods to others without modifying or changing the products; they can be retailers or wholesalers.
What are trade industries?
This is the study of how to meet unlimited, competing wants with limited resources.
What is Economics?
These are desires that can be satisfied without spending any money, unlike their "economic" counterparts.
What are noneconomic wants?
These are the three main categories of economic resources, also known as the "factors of production."
What are natural resources, human resources, and capital goods?
This law states that the quantity of a good consumers will buy varies inversely with price; meaning they buy more at lower prices.
What is the Law of Demand?
Raw-goods producers, manufacturers, and builders all fall under this broad category of business.
What are producers?
This term describes the gap between unlimited wants and limited resources, forcing people to decide which goods lead to the most satisfaction.
What is Scarcity?
While economic goods are physical and tangible, economic services are defined as these types of productive acts.
What are intangible acts?
Often referred to simply as "land," this category includes any resources found in nature like minerals, water, and wildlife.
What are natural resources?
This specific type of demand occurs when the demand for a product remains constant even if the prices change.
What is Inelastic Demand?
This is defined as a business's duty to contribute to the well-being of society, often by maximizing profits or contributing to public interests.
What is social responsibility?
This is the specific benefit that is lost or given up when you decide to use scarce resources for one purpose rather than another.
What is Opportunity Cost?
These types of goods and services are purchased by producers for resale, to make other goods, or to use in business operations.
What are industrial goods and services?
While this "financial" item is needed to run a business, it is NOT considered a capital good. Financial capital.
What is money?
This type of market exists when there is a large supply but small demand, resulting in lower prices for the consumer.
What is a Buyer's Market?
These businesses perform intangible activities, such as private education, transportation, or business services.
What are service businesses?
These are the four activities that allow goods, services, and resources to move: Consumption, Production, Exchange, and this.
What is Distribution?
Convenience, shopping, specialty, and unsought are the four classifications for this type of product.
What are consumer products?
his is the act of organizing resources and accepting risk in order to obtain a profit, which some argue is a separate fourth factor of production.
What is entrepreneurship?
To create demand, a consumer must have the desire for a good, the willingness to give up buying power, and the actual money to pay for it.
What is Buying Power?
According to LAP 70, these four groups benefit when a business is socially responsible: product users, the community, the company itself, and these people.
Who are employees?
In the "Exchange" process, these two specific types of payments are given in return for the use of Capital Goods.
What are interest and rent?
To be considered an economic good, an item must be physical, useful, scarce, and have this quality, meaning it can be moved from one person to another.
What is transferable?
When human resources are limited, businesses often respond by offering higher wages, better benefits, or by increasing this type of technology to replace manual labor.
What is automation?
While consumer tastes affect demand, these three factors: technology, government regulations, and the cost of production.
What is Supply?